Editor’s note: the article has been updated with comments from WeChat Pay Malaysia
WeChat Pay Malaysia, the Malaysian entity of Chinese payment firm WeChat Pay, will discontinue its e-wallet service in Malaysia from September 1, 2024 due to business strategy adjustment.
The firm said in a statement on Friday that it will cease the registration for new e-wallet users from August 1, 2024.
According to the statement, users will be able to withdraw the balance in their e-wallets via the e-wallet portal until December 31, 2024.
However, users still could opt for special withdrawal arrangement from January 1, 2025.
“It was a great honor to have your support throughout the years. We appreciate your understanding and apologize for any inconvenience caused,” the firm said.
The firm noted that WeChat’s existing messaging service and other functions such as Weixin Pay available on the platform remain unimpacted and operate as usual.
It said Weixin Pay continues to enable Malaysians’ easy payments while traveling in China, as well as Chinese tourists’ inbound payments in Malaysia.
In a email to TNGlobal, the company said, “WeChat Pay Malaysia is an e-wallet service for local Malaysian users. The upcoming discontinuation of WeChat Pay Malaysia e-wallet service is limited to local Malaysian users, and will not affect Chinese tourists from using WeChat Pay in Malaysia, and Malaysian users can also spend conveniently in China through diversified payment methods.”
“In future, WeChat Pay will continue to focus on the two key aspects of Chinese outbound travellers and foreigners coming to China and continue to enhance payment convenience,” the company wrote.
“WeChat Pay Malaysia is a Malaysian Ringgit-denominated local e-wallet. With the adjustment of business strategy, we will focus on RMB-denominated cross-border payments in Malaysia and continue to assist Malaysian businesses to tap into this fast-growing and dynamic market by enabling them to receive safe, secure, and convenient payments from Chinese visitors through Weixin Pay(or known as WeChat Pay),” the company said.
“We are also planning to work with local Malaysian e-wallets to enable cross-border QR payment interoperability for Malaysian travelers to China. We are working closely with all stakeholders to ensure a seamless and orderly transition,” WeChat Pay Malaysia added.
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